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Discontinuous Extraction of a Nonrenewable Resource

  • Eric Iksoon Im
  • Ujjayant Chakravorty
  • James Roumasset

This paper examines the optimal extraction sequence of nonrenewable resources in the presence of multiple demands. We provide conditions under which extraction of a nonrenewable resource may be discontinuous over the course of its depletion.

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File URL: http://economics.emory.edu/home/assets/workingpapers/chakravorty_04_06_paper.pdf
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Paper provided by Department of Economics, Emory University (Atlanta) in its series Emory Economics with number 0406.

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Date of creation: Jun 2004
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Handle: RePEc:emo:wp2003:0406
Contact details of provider: Web page: http://economics.emory.edu/home/journals/
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  1. Amigues, J-P & Favard, P.author-name: Gaudet, G. & Moreaux, M, 1996. "On the Optimal Order of Natural Resource Use When the Capacity of the Inexhaustible Substitute is Limited," Cahiers de recherche 9628, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  2. Lewis, Tracy R, 1982. "Sufficient Conditions for Extracting Least Cost Resource First," Econometrica, Econometric Society, vol. 50(4), pages 1081-83, July.
  3. Ujjayant Chakravorty & Darrell Krulce & James Roumasset, 2004. "Specialization and Nonrenewable Resources: Ricardo Meets Ricardo," Working Papers 200401, University of Hawaii at Manoa, Department of Economics.
  4. Gerard Gaudet & Michel Moreaux & Stephen W. Salant, 2001. "Intertemporal Depletion of Resource Sites by Spatially Distributed Users," American Economic Review, American Economic Association, vol. 91(4), pages 1149-1159, September.
  5. Robert M. Solow & Frederic Y. Wan, 1976. "Extraction Costs in the Theory of Exhaustible Resources," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 359-370, Autumn.
  6. Chakravorty, Ujjayant & Krulce, Darrell L, 1994. "Heterogeneous Demand and Order of Resource Extraction," Econometrica, Econometric Society, vol. 62(6), pages 1445-52, November.
  7. Kemp, Murray C & Long, Ngo Van, 1980. "On Two Folk Theorems Concerning the Extraction of Exhaustible Resources," Econometrica, Econometric Society, vol. 48(3), pages 663-73, April.
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